The hugely oversubscribed shampoo maker goes public today. Its gray-market shares opened at HK$2.80 and reached an intraday high of HK$3.18, according to Phillip Securities. Investors had a paper gain of HK$1,380 per board lot of 2,000 shares.

"It is no surprise for the stock to leap 20 percent to 30 percent because of its popularity as reflected by the massive subscriptions," said Prudential Brokerage associate director Kingston Lin King-ham. But Lin advised investors to sell Bawang if it jumps a further 30 percent on its trading debut as there is hardly any room for further upside.

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Shares of China Qinfa (0866) closed at HK$2.83 in the gray market - 12.3 percent higher than its offer price of HK$2.52 - after rising to HK$3 at the opening. Investors had a paper gain of HK$620 per board lot of 2,000 shares. Lin said he is more optimistic about coal trader Qinfa's performance when it lists today as it operates in the energy sector.

Investors have kept pouring money into IPOs with margin financing orders for Amber Energy reaching HK$4.29 billion, 258 times the HK$16.6 million it plans to raise from the retail tranche, according to eight brokerages.

The power plant owner closes its retail book today. Amber expects to reap HK$166 million by floating 100 million shares at HK$1.26 to HK$1.66 each.

Margin financing orders for air- conditioner maker Chigo Holding amounted to HK$1 billion - 60.8 times the Hong Kong public offer of HK$16.45 million. It aims to raise HK$164.5 million by offering 72.5 million shares at HK$1.50 to HK$2.27 each. Amber starts trading next Friday and Chigo on July 13.